Brees' contract is worth $40 million in the first year and includes $60 million in guaranteed money, a source with direct knowledge of the situation told Lombardi and NFL.com's Albert Breer.

The quarterback's new deal is worth an average of $20 million per year, making it the richest in the NFL based on average annual salary, and includes a $37 million signing bonus. With the bonuses counting against the cap on a pro-rated basis over the life of the contract -- $7.4 million per year in Brees' case -- he will only count $10.4 million against the cap in 2012.

Greg Bensel, the Saints vice president of communications, confirmed the deal later Friday via his Twitter account, though he did not mention financial terms.

"Congratulations are in order for our organization, our city, Drew and
(wife) Brittany and certainly for (general manager) Mickey Loomis and his staff
for all of the hard work put in to make this possible," Saints owner Tom Benson
said in a statement. "Now we must turn our focus to getting ready for the start
of training camp and to keeping with our goal of being the first team in NFL
history to host and play in a Super Bowl."

Loomis said that the front office was excited to get the deal done.

"What Drew has accomplished in his time with the Saints, he deserves to be
the highest paid player in the league," Loomis said in a statement.

Brees had been tagged as the Saints' exclusive franchise player and could
not negotiate with other teams. Had a deal not been reached, the tender for a
quarterback was worth $16.3 million. Brees would have had to play for that
amount or hold out for a better one-year deal, which would have left his
long-term future with the New Orleans Saints uncertain.

Brees, who had been steadfast in not wanting to play for a one-year deal,
skipped the Saints' offseason practices while holding out for his new long-term
contract.

"I've said this all along. I know what our organization's about, I know what
Drew's about. And I know much winning means to our organization and Drew,"
Saints interim head coach Joe Vitt told the Times-Picayune. "I was never concerned. I just think
these things go down to the last minute. Mickey's gotta juggle contracts and
the salary cap. Drew has to worry about getting the best deal he can because
this could be the last big deal of his career."

"You know as well as I do, this is a great player. People throw the word
'great' around now like they're breath mints. But he is a great player," Vitt
said.

The 33-year-old quarterback's new deal tops the previous benchmark contract
for elite QBs set by the five-year, $96 million deal the Denver Broncos gave to
Peyton Manning this offseason. Manning is three years older than Brees and sat
out last season while recovering from neck surgery.

"I've been around six Hall of Fame players in recent years, and I've never
been around a better player," Vitt added. "And combine that with the fact that
he's an even better man, what can you say?"

Last season, Brees completed 468 passes for 5,476 yards, an NFL record, and
46 touchdowns while leading the Saints to a 13-3 record. New Orleans was
subsequently eliminated in the NFC Divisional Playoff Game by the San Francisco
49ers.

Suspended Saints head coach Sean Payton was happy to see Brees rewarded for
his contributions over the years.

"It's great to see what he has done here in six years and get rewarded,"
Payton told WWL-TV Sports. "He has got a lot of good football left. He has been
durable, works extremely hard at it.

"Heâs one of those players not affected by the outside things. Some of that
is the money, the awards. Those are important. But I think heâs driven in such
a unique way. I think itâs a good day for Saints."

This offseason marked the first time Brees had the opportunity to negotiate
a major, long-term deal with the leverage provided by a string of injury-free
seasons and on-field highlights. Brees racked up a slew of individual and team
statistical records and led the Saints to a win over the Indianapolis Colts in
Super Bowl XLIV.